TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Farming (Section 17) and fishing (Section 5)

The income averaging regime for farmers under section 657 TCA 1997 is amended to provide an option for farmers to elect out for a single year and revert to the normal basis of assessment for that year. Deferred tax due on the average profit will be payable in instalments over a subsequent 4 year period. The election is available for the tax year 2016 and subsequent years of assessment.

A new fishers tax credit is introduced under section 472B TCA 1997 to the value of €1,270. The credit is available to qualifying fishers who spend at least 80 days per year at sea engaged in sea-fishing.